Students will not be awarded any financial aid until all documentation/forms and transcripts requested by the CBC Financial Aid Office have been submitted and any necessary corrections made.

2. All students must attend an entrance counseling session prior to submitting a loan application.

• Times and dates of sessions will be posted on all campuses.

• CBC loan applications will be given to students at the end of each session.

3. Students must go to www.studentloans.gov to complete their Master Promissory Note (MPN) and their Entrance Counseling.

4. Please allow two weeks from the date you attend entrance counseling and complete your CBC Loan Request before you receive the award letter.

These steps are the responsibility of the student and must be completed before you can receive loan funds.

TYPE OF LOANS

Subsidized Stafford Loans are based on financial need. The federal government pays the interest for the student during the following periods:

· While the student is in school

· During the six-month grace period after leaving school or after the student drops below half-time enrollment

· During deferments (periods when payments are temporarily postponed)

Unsubsidized Stafford Loans are not based on financial need. Unsubsidized Stafford Loans are for students who do not qualify for a subsidized loan or to supplement a student’s subsidized loan. Students are responsible for all of the interest on unsubsidized loans.

Requirements to receive a loan

Students must meet the Satisfactory Academic Progress requirements of the institution to be eligible to receive any type of financial aid (grants, work-study or loans).

Students must not be in default in a student loan or own an overpayment on other federal educational aid. If this is the case, they cannot receive any further loans or financial aid until the default or overpayment has been resolved. CBC Financial Aid Office required written notification from the institution that declared the default or overpayment status.

Any variations of this policy may be appealed to the financial aid committee.

IMPORTANT FACTS

Once the student's loan has been placed into the their CBC account, the funds will be eligible for use on tuition, fees, books, housing, meal plans, etc.

Students who have not used all their funds will be notified when refunds will be disbursed. CBC borrowers cannot receive loan funds until 30 days after the first day of each enrollment period.

Please note that the federal government will collect an origination fee.

Student loans are repayable forms of financial aid.

When you get money through these programs you will be in debt.

Don’t borrow more money than you need to help meet school-related expenses.

The National Consumer Law Center recently published a report on the causes and effects of student loan defaults. It offers a comprehensive look at borrowers who default and what policymakers, consumers, and colleges can do to help address this growing problem. Check it out for yourself!